Tuesday, December 20, 2016

Dallas voters getting bankruptcy

Dallas police and firefighters rejected the $2.3 billion Dallas Police & Fire Pension System's proposed benefit changes in a two-week election that ended Saturday.Only 45% of members approved the changes; 65% approval was required.
The rejected changes included raising employee and employer contributions and reducing cost-of-living adjustments and DROP benefits.
Those changes alone were projected to extend the pension fund's insolvency date to 2030, from the currently projected 2027. On top of the benefit changes, the pension fund was requesting an additional $1.1 billion one-time cash infusion from the city to help it achieve permanent solvency.
The proposed reforms were first introduced by the pension fund in August and were expected to extend the pension fund's insolvency date to 2041, but roughly $500 million in withdrawals from the program's Deferred Retirement Option Plan since then reduced the reforms' effectiveness, Kelly Gottschalk, executive director, previously told Pensions & Investments.

If Dallas goes to Trump for a bailout, they will cause every city to rush to Trump. 

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